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Alternative Market Briefing

eVestment: hedge funds extend winning streak

Thursday, December 14, 2017

Bailey McCann, Opalesque New York:

Hedge funds marked their 13th consecutive month of positive returns in November with +0.47% average returns for the month, according to the latest Hedge Fund Performance Report from eVestment.

Activists, long/short and quant equity strategies are producing average returns at least 300bps higher than all other primary strategies in 2017. Among primary strategies, Quantitative Directional Equity strategies were among top performers in November, returning +1.34% for the month and 9.49% YTD. Long/Short Equity and Event Driven-Activist strategies both returned about +1% for the month and have returned +10.79% and +11.04% respectively YTD.

Macro strategies have had mixed success this year. While just more than half (57%) of macro managers were positive in November, and nearly 70% are up YTD, November's average return was negative for the third monthly decline of 2017. Macro funds and Convertible Arbitrage funds saw negative returns of -0.11% and -0.19% respectively, although both are holding on to positive returns for the past three months and YTD.

Strategies outside the US have also done well. India-focused funds returned +1.77% in November and +27.33% YTD; Asia ex-Japan-focused funds returned +0.72% in November and +19.74% YTD; and Japan-focused funds returned +1.05% in November and +12.64% YTD. Russia- and Brazil-focused funds, the darlings of 2016 with returns for both north of +30% last year, have suffered in the second half......................

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